Ok, this is not specific to downtown San Diego but Revolution Money Exchange is a great way to give that college student a credit card, without letting the card get them in trouble. Revolution Money Exchange is similar to PayPal in that you can transfer money to someone using a Revolution Money Exchange account, or directly from a Bank Account. The difference is in two areas. First there are no fees to transfer money from either a bank to the Revolution Money Exchange (same as PayPal) and you can have a Credit Card associated with your Revolution Money Exchange account. This way you can give that college student $200 for travel money on the Revolution Money Exchange card. If the card is lost or stolen, you just transfer all of the money out of the account, and cancel the bank connections. If your college or high school student is on a trip, and needs more money for an emergency, you can transfer money to the card for the special need.
If you are an eBay seller, you can receive money as a merchant without any fees. I have switched from PayPal to Revolution Money Exchange for eBay auctions. I have a few reasons for the switch. First, after eBay acquired PayPal, if you want to offer PayPal, you have to accept all forms of PayPal payment. This means that if the user sends money by credit card, your account has to accept credit cards. For PayPal, only merchant accounts can accept credit cards. Once your PayPal account is a merchant account, you are charged $0.30 per transaction + 2.35% of each transaction. I don't object paying these fees for PayPal users with a credit card, however, PayPal merchants have to pay this on every transaction. Historically, I found that 1 in 8 payments was using a credit card. This translates to PayPal getting $0.30 per transaction + 2.35% of each transaction, plus the use of my money. After I realized all of the fees I was paying to PayPal, plus the advantages of Revolution Money Exchange, it seemed like an easy switch.
If you like Revolution Money Exchange, you may also want to investigate Obopay.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment